13,014,250 Shares in Iamgold Corporation $IAG Purchased by Donald Smith & CO. Inc.

Key Points

• Donald Smith & Co. acquired 13.0 million IAMGOLD shares worth approximately $206.1 million, representing about 2.27% of the company and 3.6% of the fund’s portfolio.
• Institutional ownership remains significant at 47.08%, with FIL, Vanguard, BlackRock, Bank of America and Picton Mahoney among other major investors adjusting their positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $20.00 target price; IAMGOLD reported quarterly EPS of $0.42, matching estimates, while revenue came in below expectations.

Donald Smith & CO. Inc. acquired a new position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 13,014,250 shares of the mining company's stock, valued at approximately $206,146,000. Iamgold comprises 3.6% of Donald Smith & CO. Inc.'s investment portfolio, making the stock its 8th biggest holding. Donald Smith & CO. Inc. owned about 2.27% of Iamgold as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. FIL Ltd boosted its stake in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company's stock valued at $600,135,000 after purchasing an additional 20,134,496 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Iamgold by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company's stock worth $393,328,000 after buying an additional 1,068,465 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Iamgold during the second quarter worth approximately $350,145,000. Bank of America Corp DE lifted its holdings in Iamgold by 16.4% in the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company's stock valued at $144,745,000 after buying an additional 1,581,064 shares during the period. Finally, Picton Mahoney Asset Management lifted its holdings in Iamgold by 29.2% in the fourth quarter. Picton Mahoney Asset Management now owns 5,028,974 shares of the mining company's stock valued at $83,106,000 after buying an additional 1,135,552 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Scotiabank lifted their target price on shares of Iamgold from $22.00 to $23.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 12th. Bank of America dropped their target price on shares of Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Wall Street Zen raised Iamgold from a "hold" rating to a "buy" rating in a research note on Saturday. Jefferies Financial Group assumed coverage on Iamgold in a research report on Thursday. They issued a "buy" rating and a $24.00 price target on the stock. Finally, Royal Bank Of Canada decreased their price objective on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.00.

Iamgold Stock Performance

Shares of IAG stock opened at $21.11 on Friday. The stock has a market cap of $12.12 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 1.09 and a beta of 1.32. The stock has a 50-day moving average of $16.27 and a 200-day moving average of $18.01. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. Iamgold Corporation has a one year low of $8.29 and a one year high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. As a group, sell-side analysts expect that Iamgold Corporation will post 1.91 earnings per share for the current year.

Iamgold Company Profile

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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